Fischer Enterprises, LLC and Marcus Lemonis LLC signed an asset purchase agreement to acquire substantially all the assets of Crumbs Bake Shop, Inc. in a stalking horse bid transaction.
July 11, 2014 at 12:00 am EDT
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Fischer Enterprises, LLC and Marcus Lemonis LLC signed an asset purchase agreement to acquire substantially all the assets of Crumbs Bake Shop, Inc. (OTCPK:CRMB) in a stalking horse bid transaction on July 11, 2014. Marcus Lemonis and Fischer Enterprises will provide financing to help Crumbs Bake Shop to complete the bankruptcy process. In the event of termination of the agreement, the seller will pay a termination fee of 3% of the purchase price to the stalking horse bidder. Lemonis Fischer Acquisition Co. LLC, a joint venture created by Marcus Lemonis LLC and Fischer Enterprises LLC will support the bankruptcy process with a $1.13 million all-new-money debtor-in-possession loan. The transaction is expected to complete in approximately 60 days, pending receipt of the necessary approvals from the Bankruptcy Court. Fischer Enterprises assigned its senior secured debt for this transaction. As of July 25, 2014, Bankruptcy court approved the transaction.
Peter N. Schaeffer of Glass Ratner acted as financial advisor and Michael D. Sirota, Felice R. Yudkin and David Bass of Cole, Schotz, Meisel, Forman & Leonard P.A. acted as legal advisors to Crumbs Bake Shop. Louis J. Price of McAfee & Taft A Professional Corporation acted as legal advisors to Fischer Enterprises and Marcus Lemonis. Louis Price of McAfee & Taft PC acted as legal advisor for debtor-in-possession lender. Kenneth A. Rosen and Sharon Levine of Lowenstein Sandler LLP represent the creditors' committee.
Crumbs Bake Shop, Inc. (CBS) is engaged in the business of selling a wide variety of cupcakes, cakes, cookies and other baked goods, as well as hot and cold beverages. The Company offers these products through its stores, e-commerce division, catering services and wholesale distribution business. It operates through its subsidiary, Crumbs Holdings LLC. The Company sells its products primarily through its Company-operated stores and online at www.crumbs.com. The Company offers a variety of high-quality baked goods. The Crumbs Website offers a variety of cupcakes in two sizes, its Signature Size and Taste Size. Crumbsâ cupcakes are frozen, placed in attractive, specially designed packaging and shipped in insulated containers with dry ice.
Fischer Enterprises, LLC and Marcus Lemonis LLC signed an asset purchase agreement to acquire substantially all the assets of Crumbs Bake Shop, Inc. in a stalking horse bid transaction.
CRUMBS BAKE SHOP, INC. 
